Wireguard will work with host names as well, but will hang after a reboot of the system. You have to start the service after a reboot manually.
ONCE, when the tunnel is started. Never afterwards, even if the DynDNS get's updated and therefore the tunnel fails...
You will probably have to change the IP addresses in your client profiles, yes. To solve this automatically, get a cheap domain and setup dynamic dns with that, or use a free dynamic dns service. And then setup Wireguard to work with your new domain or dyndns name.